SHENZHEN, China, Nov. 21, 2011 /PR Newswire-Asia/ – Global Pharm
Holdings Group, Inc. (OTCBB: GPHG) ("Global Pharm" or the
"Company"), a growing vertically integrated pharmaceutical company
engaged in the distribution of pharmaceutical-related products,
Traditional Chinese Medicine ("TCM") processing, and herbal
cultivation and sales in China
through its subsidiaries in Anhui,
Jilin, Guangdong and Shandong provinces, today announced its
unaudited financial results for the third quarter ended
September 30, 2011.
Third Quarter 2011 Highlights
- Net revenues were $69.0 million,
an increase of 125.4% as compared to the third quarter of
2010.
- Gross profit was $9.6 million, an
increase of 62.1% as compared to the third quarter of 2010, with
gross margin of 13.9%.
- Operating income was $6.1
million, an increase of 449.8% as compared to the third
quarter of 2010.
- Net income was $3.7 million, or
$0.12 per diluted share, as compared
to net loss of $0.07 million, or nil
per diluted share, for the same period in 2010.
- In July 2011, Global Pharm
successfully acquired a TCM herbal pieces processing plant in
Bozhou, Anhui Province.
- In August 2011, Global Pharm
successfully acquired a city-level pharmaceutical distributor in
Weifang, Shandong Province.
Furthermore, through its acquisition in August 2011 of the management and supply
distribution rights to one of the largest pharmaceutical franchise
of drugstores in Guangdong
Province, the Company currently manages over 1,200 retail
and chain drugstores in the area.
- In September and October 2011,
the Company issued redeemable convertible bonds in the aggregate
principal amount of $15,000,000 to
Blazer Delight Limited, an investment vehicle owned by a fund
managed by Asia-based Gen2
Partners Limited.
"We're pleased to report a successful quarter marked by strong
financial performance and important operational achievements.
During the third quarter of 2011, we have further expanded our
distribution network coverage in Shandong
Province and Guangdong
Province through new acquisitions, and completed the
$15,000,000 convertible bonds
financing, the proceeds of which will be used for our future
growth," stated Mr. Yunlu Yin, Chief
Executive Officer of Global Pharm.
|
|
Third
Quarter 2011 Financial Summaries (unaudited)
|
|
|
Three months
ended September 30
|
|
(in millions $, except per-share
data in $)
|
2011
|
2010
|
%
Change
|
|
Net Revenue
|
$69.0
|
$30.6
|
125.4%
|
|
Gross Profit
|
9.6
|
5.9
|
62.1%
|
|
|
Income from operation
|
6.1
|
1.1
|
449.8%
|
|
|
Income before income
taxes
|
5.3
|
1.1
|
378.4%
|
|
|
Net Income (loss)
|
3.7
|
(0.07)
|
-
|
|
|
Total comprehensive
income
|
3.4
|
(0.2)
|
-
|
|
|
Diluted earnings per
share
|
0.12
|
-
|
N/A
|
|
|
|
|
|
|
|
|
Total net revenue was $69.0
million for the three months ended September 30, 2011, an increase of 125.4%, as
compared with the same period in 2010. The increase was primarily
due to the additional revenue contributed by the distribution
business of our newly-acquired subsidiaries in 2011, amounting to
$23.6 million, and the increased
sales of $11.9 million by Shandong
Global Pharm Group, Ltd. ("Shandong Global").
Below is a breakdown of sales per business segment for the three
months ended September 30, 2011 and
2010, respectively:
For the
three months ended September 30 – Revenue
(unaudited)
|
|
in US $
except percentage
|
2011
|
2010
|
Change
|
|
|
|
% of
revenue
|
|
% of
revenue
|
|
%
|
|
Pharmaceutical products
distribution
|
$ 62,651,819
|
90.8
|
$ 24,810,775
|
81.0
|
$ 37,841,044
|
152.5
|
|
TCM processing and
distribution
|
5,564,765
|
8.1
|
4,465,935
|
14.6
|
1,098,830
|
24.6
|
|
Herbal cultivation and
sales
|
782,509
|
1.1
|
1,341,110
|
4.4
|
(558,601)
|
(41.7)
|
|
Total
|
$ 68,999,093
|
100.0
|
$ 30,617,820
|
100.0
|
$ 38,381,273
|
125.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from the pharmaceutical products distribution segment
increased by $37.8 million, or
approximately 152.5%, to $62.7
million for the three months ended September 30, 2011, as compared to $24.8 million for the same period in 2010. The
increase was primarily due to the additional revenue contribution
from our four newly-acquired distribution subsidiaries in 2011.
Revenue from the Company's TCM processing and distribution segment
increased to $5.6 million for the
third quarter of 2011, as compared to $4.5
million for the comparable period in 2010. The increase is
mainly due to $2.5 million in
additional revenue from our newly-acquired subsidiary, Bozhou
Xinghe Pharmaceutical Co., Ltd. ("Bozhou Xinghe"), offset by an
approximately $1.0 million decrease
in the revenue of our other subsidiary, Anhui Xuelingxian
Pharmaceutical Co., Ltd. ("Xuelingxian"). Our flower tea bags
operations have been suspended since April
25, 2011, as such, we had nil revenue from this business, as
compared to sales of $0.8 million for
the three months ended September 30,
2010. Revenue from our herbal cultivation and sales segment
was $0.8 million for the three months
ended September 30, 2011, a decrease
of approximately $0.6 million, or
41.7%, as compared to $1.3 million
for the same period in 2010. The decrease was mainly due to reduced
sales by Xuelingxian for three months ended September 30, 2011, because our herbal products
were harvested in late September 2011
and sold after September 30, 2011, as
compared to our earlier harvest of herbal products for the
comparable period in 2010, of which some sales were recorded in the
same quarter.
Gross profit for the third quarter of 2011 was
$9.6 million, an increase of 62.1%,
from $5.9 million for the comparable
period in 2010. Gross margin decreased to 13.9% for the third
quarter of 2011 from 19.3%, for the comparable period in 2010,
primarily attributable to the lower gross profit margin of our four
newly-acquired subsidiaries, which had an average gross profit
margin of 6.47%.
Operating expenses for the third quarter of 2011 were
$1.1 million, an increase of
$0.7 million, as compared to the same
period in 2010, primarily due to the additional operating expenses
attributed to our newly-acquired subsidiaries in 2011, as well as
to the increased advertising, freight and labor costs to support
our business growth and expansion.
Income from operation for the third quarter of 2011
increased 449.8% to $6.1 million, or
8.8% of total revenue, from $1.1
million, or 3.6% of total revenue for the comparable period
in 2010.
Net income for the third quarter of 2011 increased to
$3.7 million, or $0.12 per fully diluted share, compared to a net
loss of $72,376 for the same period
in 2010, based on 28.9 million and 26.0 million weighted average
diluted shares outstanding, respectively. This increase was
primarily due to the one-time expense of the $3.0 million in stock-based compensation, which
was recorded as general and administrative expenses in the three
months period ended September 30,
2010, and had a significant impact on our net income.
|
|
Nine Months
2011 Financial Summaries (unaudited)
|
|
|
Nine months
ended September 30
|
|
|
(in millions $, except per-share
data in $)
|
2011
|
2010
|
%
Change
|
|
Net Revenue
|
$156.2
|
$90.2
|
73.2%
|
|
Gross Profit
|
24.8
|
16.6
|
49.6%
|
|
Income from operation
|
18.2
|
9.3
|
95.5%
|
|
|
Income before income
taxes
|
17.4
|
9.3
|
86.3%
|
|
|
Net Income
|
12.9
|
5.7
|
126.0%
|
|
|
Total comprehensive
income
|
12.5
|
5.6
|
124.4%
|
|
|
Diluted earnings per
share
|
0.47
|
0.22
|
113.6%
|
|
|
|
|
|
|
|
|
|
|
Total net revenue was $156.2
million for the nine months ended September 30, 2011, an increase of 73.2%, as
compared to the same period in 2010. The increase was primarily due
to the additional revenue contributed by our newly-acquired
subsidiaries in 2011, amounting to $25.1
million, and the increased sales of $35.2 million and $6.0
million by our subsidiaries, Shandong Global Tonghua
Tongdetang Pharmaceutical and Medicinal Material Co., Ltd.
("Tongdetang"), respectively.
Below is a breakdown of our sales by business segment for the
nine months ended September 30, 2011
and 2010, respectively:
|
|
For the nine
months ended September 30 – Revenue (unaudited)
|
|
in US $
except percentage
|
2011
|
2010
|
Change
|
|
|
|
% of
revenue
|
|
% of
revenue
|
|
%
|
|
Pharmaceutical products
distribution
|
$ 134,481,832
|
86.1
|
$ 68,183,762
|
75.6
|
$ 66,298,070
|
97.2
|
|
TCM processing and
distribution
|
16,238,510
|
10.4
|
20,646,774
|
22.9
|
(4,408,264)
|
(21.4)
|
|
Herbal cultivation and
sales
|
5,447,635
|
3.5
|
1,345,969
|
1.5
|
4,101,666
|
304.7
|
|
Total
|
$ 156,167,977
|
100.0
|
$ 90,176,505
|
100.0
|
$ 65,991,472
|
73.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from the pharmaceutical products distribution segment
increased by $66.3 million, or
approximately 97.2%, to $134.5
million for the nine months ended September 30, 2011, as compared to $68.2 million for the same period in 2010. The
increase was primarily due to the additional revenue contributed by
our four newly-acquired subsidiaries in 2011, and the increased
sales by Shandong Global and Tongdetang. Revenue from our TCM
processing and distribution segment decreased to $16.2 million for the nine months ended
September 30, 2011, as compared to
$20.6 million for the comparable
period in 2010. The decrease is mainly due to the decrease in
Xuelingxian's revenue from its TCM processing and distribution
operations, amounting to $3.2
million, offset against the $2.5
million in additional revenue from Bozhou Xinghe. Our flower
tea bags operations have been suspended since April 25, 2011, as such, we had nil revenue from
this business, as compared to sales of $3.7
million for the nine months ended September 30, 2010. Revenue from our herbal
cultivation and sales segment was $5.4
million for the nine months ended September 30, 2011, as compared to $1.3 million for the comparable period in 2010,
an increase of approximately $4.1
million, or 304.7%. The increase was mainly due to sales of
our entire remaining inventory of herbal products harvested during
2010 in the first quarter of 2011, amounting to $4.7 million.
Gross profit for nine months ended September 30, 2011 was $24.8 million, an increase of 49.6%, from
$16.6 million for the same period in
2010. Gross margin decreased to 15.9% for the nine months ended
September 30, 2011, from 18.4% for
the comparable period in 2010. The decrease is primarily
attributable to the lower gross profit margin of our newly-acquired
subsidiaries, which had an average gross profit margin of 5.9%.
Operating expenses for the nine months ended September 30, 2011 were $2.4 million, an increase of $1.7 million, as compared to the same period in
2010, primarily due to the additional operating expenses attributed
to our newly-acquired subsidiaries in 2011.
Income from operation for the nine months ended
September 30, 2011 increased 95.5% to
$18.2 million, or 11.6% of total
revenue, from $9.3 million, or 10.3%
of total revenue for the third quarter of 2010.
Net income for the nine months ended September 30, 2011 increased to $12.9 million, or $0.47 per fully diluted share, as compared to
$5.7 million, or $0.22 per fully diluted share, for the same
period of 2010, based on 27.0 million and 26.0 million weighted
average diluted shares outstanding, respectively.
Financial Condition
As of September 30, 2011, the
Company had $18.6 million in cash and
$34.1 million in accounts receivable,
as compared to $4.3 million and
$19.8 million as of December 31, 2010, respectively. The increase was
consistent with the increase in sales. The net working capital was
$31.9 million, as compared to
$17.4 million as of December 31, 2010. As of September 30, 2011, the Company had $5.0 million in short-term debt, as compared to
$2.0 million as of December 31, 2010. Shareholders' equity totaled
$76.4 million as of September 30, 2011, as compared to $17.6 million as of the end of 2010.
For the nine months ended September 30,
2011, the Company generated $6.0
million cash from operating activities, as compared to
$3.2 million for the comparable
period in 2010. The net income for the nine months ended
September 30, 2011 was $12.9 million, an increase of $7.2 million from $5.7
million for the comparable period in 2010. In addition to
net income, the cash generated from operating activities was the
net effect of the increase in accounts receivables of approximately
$6.2 million, the increase in
inventories of $7.4 million, the
increase of restricted cash and other current assets of
$5.1 million, the increase in
accounts payable and accruals of $5.1
million, and the increase in amounts due to related parties
of $5.3 million. The Company used
$1.0 million in investing activities
for the nine months ended September 30,
2011, as compared to $0.02
million for the comparable period in 2010, primarily as a
result of increased expenditures relating to acquisitions of new
businesses and equipment. Net cash provided by financing activities
was $9.0 million for the nine months
ended September 30, 2011, as compared
to $2.9 million used for the
comparable period in 2010. The cash provided in financing
activities for the nine months ended September 30, 2011 was due to our repayment of
loans of $2.6 million and the
proceeds received from our convertible bonds financing of
$10.0 million.
Subsequent Events
On October 20, 2011, the Company
issued an additional redeemable convertible bond in the aggregate
principal amount of $5,000,000 to
Blazer Delight Limited, under the terms of the Subscription
Agreement dated September 19, 2011,
which the Company entered into with Mr. Yunlu Yin and Blazer Delight Limited, and the
relevant Bond Instrument.
On October 31, 2011, the Company
completed the acquisition of the 100% equity interest of Qingdao
Likang Pharmaceutical Co., Ltd, a city-level pharmaceutical
distributor located in Qingdao,
Shandong Province.
Business Outlook
Global Pharm will continue to selectively acquire more
distributors which can complement our business. For the rest of
2011, the Company is focusing on the quality of its operations
through undertaking measures to enhance its unified management
systems, such as improving the integrated information, procurement
and sales-team management systems, in order to leverage the
resources of each business segment and create synergies across all
of them.
About Global Pharm
Global Pharm Holdings Group, Inc., a growing integrated
pharmaceutical company, is engaged in the distribution of
pharmaceutical-related products, Traditional Chinese Medicine (TCM)
processing, and herbal cultivation and sales in China. The Company focuses on building
regional distribution channels, as well as local capillary sales
network with a high-margin product portfolio. Currently, its sales
network covers Shandong,
Jilin, Anhui and Guangdong provinces. Global Pharm seeks to
establish an integrated value chain in the pharmaceutical industry
through strategic acquisitions within the TCM production,
pharmaceutical distribution and retail sectors. For further
information, please visit the Company's corporate website at
http://www.globalpharmholdings.com.
Forward-looking Statements
Certain statements set forth in this press release contain or
may contain forward-looking statements and information that are
based upon beliefs of, and information currently available to, our
management as well as estimates and assumptions made by our
management. Such statements reflect the current view of our
management with respect to future events and are subject to risks,
uncertainties, assumptions and other factors as they relate to our
industry, our operations and results of operations, plans for
future facilities, capital-expenditure plans and any businesses
that we may acquire. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. Except as required by applicable law, including the
U.S. federal securities laws, we do not intend to update any of the
forward-looking statements to conform them to actual results.
For Additional Information Contact
Global Pharm Holdings Group, Inc.
Ms. Susan Liu
Phone: +86-755-3693-9373
Email: susanliu@globalpharmholdings.com
–FINANCIAL TABLES FOLLOW—
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|
|
|
|
|
GLOBAL PHARM
HOLDINGS GROUP, INC
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
September 30, 2011
|
|
December 31, 2010
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
$18,570,246
|
|
$4,271,498
|
|
Accounts
receivable
|
34,069,776
|
|
19,771,619
|
|
Inventories
|
29,852,272
|
|
16,058,760
|
|
Due from related
party
|
194,708
|
|
-
|
|
Restricted cash
|
3,781,418
|
|
1,538,251
|
|
Other current
assets
|
5,355,851
|
|
1,326,660
|
|
Total current
assets
|
91,824,271
|
|
42,966,788
|
|
Property, plant and equipment,
net
|
8,505,797
|
|
210,665
|
|
Intangible assets,
net
|
33,860,597
|
|
-
|
|
Goodwill
|
27,043,851
|
|
-
|
|
Total
assets
|
$161,234,516
|
|
$43,177,453
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term loan
|
$5,003,753
|
|
$1,972,150
|
|
Bank acceptance
|
4,805,339
|
|
21,212
|
|
Accounts payable and other
accrued liabilities
|
39,900,624
|
|
20,944,923
|
|
Income and other taxes
payable
|
2,959,555
|
|
1,728,499
|
|
Due to related
party
|
6,729,332
|
|
882,505
|
|
Deferred income tax
liabilities
|
491,360
|
|
-
|
|
Total current
liabilities
|
59,889,963
|
|
25,549,289
|
|
Long-term loan
|
1,563,673
|
|
-
|
|
Bond payable, net
|
4,436,318
|
|
-
|
|
Derivative
liabilities
|
5,563,682
|
|
-
|
|
Contingent consideration, at
fair value
|
5,765,708
|
|
-
|
|
Deferred income tax liabilities,
net of current
|
7,653,272
|
|
-
|
|
Total
liabilities
|
84,872,616
|
|
25,549,289
|
|
|
|
|
|
|
Shareholder's equity:
|
|
|
|
|
Common stock, par value,
$0.001 per share, 100,000,000 shares
authorized, 37,283,185 and
26,000,000 issued and outstanding
|
37,283
|
|
26,000
|
|
Additional paid-in
capital
|
55,089,340
|
|
9,200,623
|
|
Statutory surplus
reserves
|
1,310,701
|
|
1,310,701
|
|
Retained
earnings
|
19,445,014
|
|
6,546,406
|
|
Accumulated other
comprehensive income
|
137,618
|
|
544,434
|
|
Total shareholders' equity
- Global Pharm Holdings Group, Inc.
|
76,019,956
|
|
17,628,164
|
|
Non-controlling
interests
|
341,944
|
|
-
|
|
Total shareholders'
equity
|
76,361,900
|
|
17,628,164
|
|
Total
liabilities and shareholders' equity
|
$161,234,516
|
|
$43,177,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
|
(unaudited)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
2011
|
2010
|
|
2011
|
2010
|
|
Revenues, net
|
$68,999,093
|
$30,617,820
|
|
$156,167,977
|
$90,176,505
|
|
Cost of goods
sold
|
59,427,311
|
24,711,477
|
|
131,405,558
|
73,622,656
|
|
Gross profit
|
9,571,782
|
5,906,343
|
|
24,762,419
|
16,553,849
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
1,100,309
|
360,572
|
|
2,447,617
|
725,424
|
|
General and
administrative
|
2,370,710
|
4,436,082
|
|
4,136,902
|
6,531,617
|
|
Income from
operations
|
6,100,763
|
1,109,689
|
|
18,177,900
|
9,296,808
|
|
Other income and
expenses
|
|
|
|
|
|
|
Interest (expense)
income
|
(99,087)
|
2,842
|
|
(101,100)
|
21,048
|
|
Miscellaneous (expense)
income
|
(13,511)
|
-
|
|
(48,110)
|
-
|
|
Change in fair value of
contingent consideration
|
(665,708)
|
-
|
|
(665,708)
|
-
|
|
Income before income
taxes
|
5,322,457
|
1,112,531
|
|
17,362,982
|
9,317,856
|
|
Provision for income
taxes
|
1,589,240
|
1,184,907
|
|
4,468,365
|
3,609,764
|
|
Net income (loss) – including
non-controlling interest
|
3,733,217
|
(72,376)
|
|
12,894,617
|
5,708,092
|
|
Net loss – non-controlling
interests
|
2,664
|
-
|
|
3,991
|
-
|
|
Net income (loss) - Global Pharm
Holdings Group, Inc.
|
3,735,881
|
(72,376)
|
|
12,898,608
|
5,708,092
|
|
Other comprehensive
income
|
|
|
|
|
|
|
Foreign currency translation
adjustment
|
(351,777)
|
(174,718)
|
|
(406,816)
|
(142,492)
|
|
Total comprehensive income
(loss)
|
$3,384,104
|
($247,094)
|
|
$12,491,792
|
$5,565,600
|
|
Earnings per share of common
stock:
|
|
|
|
|
|
|
Basic earnings per
share
|
$0.13
|
$-
|
|
$0.48
|
$0.22
|
|
Diluted earnings per
share
|
$0.12
|
$-
|
|
$0.47
|
$0.22
|
|
Weighted-average outstanding
common shares
|
|
|
|
|
|
|
Basic weighted-average
outstanding common shares
|
28,727,803
|
26,000,000
|
|
26,909,268
|
26,000,000
|
|
Diluted weighted-average
outstanding common shares
|
28,947,583
|
26,000,000
|
|
26,982,528
|
26,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL PHARM
HOLDINGS GROUP, INC
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
|
Nine Months
Ended September 30,
|
|
|
2011
|
|
2010
|
|
Cash flows from operating
activities
|
|
|
|
|
Net income–including
non-controlling interest
|
$12,894,617
|
|
$5,708,092
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
Depreciation and
amortization
|
672,729
|
|
51,993
|
|
Merger cost
|
-
|
|
750,000
|
|
Stock-based
compensation
|
-
|
|
4,476,300
|
|
Change in fair value of
contingent consideration
|
665,708
|
|
-
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
Accounts receivable
|
(6,236,658)
|
|
(4,683,793)
|
|
Inventories
|
(7,390,787)
|
|
(14,211,786)
|
|
Due from related
party
|
(29,576)
|
|
-
|
|
Restricted cash
|
(2,161,403)
|
|
-
|
|
Other current assets
|
(2,968,622)
|
|
(199,796)
|
|
Accounts payable and other
accrued liabilities
|
5,139,874
|
|
11,014,731
|
|
Income and other taxes
payable
|
183,235
|
|
294,485
|
|
Due to related party
|
5,348,883
|
|
-
|
|
Deferred tax expenses
|
(85,477)
|
|
-
|
|
Net cash provided by operating
activities
|
6,032,523
|
|
3,200,226
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
Purchase of property, plant and
equipment
|
(432,647)
|
|
(22,044)
|
|
Proceeds on sale of
assets
|
41,606
|
|
-
|
|
Acquisition of subsidiaries, net
of cash acquired
|
(555,305)
|
|
-
|
|
Net cash used in investing
activities
|
(946,346)
|
|
(22,044)
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
Short-term loan
borrowing
|
-
|
|
366,763
|
|
Short-term loan
repayments
|
(2,616,506)
|
|
-
|
|
Bank acceptance
|
1,308,357
|
|
(199,545)
|
|
Due from related
party
|
-
|
|
24,603
|
|
Due to related party
|
-
|
|
1,168,986
|
|
Dividend paid to the former
shareholders
|
-
|
|
(4,309,377)
|
|
Cash received from convertible
bond
|
10,000,000
|
|
-
|
|
Contribution from
non-controlling interest
|
344,835
|
|
-
|
|
Net cash provided by (used in)
financing activities
|
9,036,686
|
|
(2,948,570)
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents
|
14,122,863
|
|
229,612
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
175,885
|
|
145,532
|
|
Cash and cash equivalents -
beginning of period
|
4,271,498
|
|
7,455,147
|
|
Cash and cash equivalents - end
of period
|
$18,570,246
|
|
$7,830,291
|
|
|
|
|
|
|
Supplemental disclosure of cash
flow information:
|
|
|
|
|
Cash paid for
interest
|
$148,866
|
|
$20,655
|
|
Cash paid for income
taxes
|
$3,927,576
|
|
$2,994,851
|
|
|
|
|
|
|
Supplemental disclosure of
financing activities
|
|
|
|
|
Deferred Bond issuance costs in
accounts payable
|
$287,500
|
|
$-
|
|
Common stock issued for
acquisitions
|
$51,000,000
|
|
$-
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Global Pharm Holdings Group, Inc.